The Benefits of Incorporating Cutting-Edge FinTech Technologies Into Your Sanctions Screening Program

July 17, 2018
By: Joseph M Bognanno, Chief Innovation Officer, Safe Banking Systems and Ben Knieff, Financial Crimes Expert, Safe Banking Systems*

Financial institutions, and increasingly corporates and non-financial institutions, face the unrelenting challenge of combating those who wish to evade sanctions, money laundering and terrorist financing. A keystone in any effective approach to meeting this challenge is the identification of entities as part of the organization’s Know Your Customer (KYC) program, which always includes screening. (more…)

Faulty sanctions screening software can lead to fine, underscoring need to have appropriate tools in place

December 5, 2016
By Santosh Talada*

The increased complexity of sanctions coupled with an ever-increasing number of blacklisted entities has made it hard for financial institutions and corporations to keep track of and monitor clients and partners. Even when using automated watch list filtering tools to catch transactions and business dealings with sanctioned entities, costly mistakes can be made as enforcement actions have shown. (more…)